India will become the world’s second largest economy in terms of Purchasing Power Parity (PPP) by the year 2050, according to a report by the professional-services giant PwC.
The Pwc report titled "The long view: how will the global economic order change by 2050?" ranked 32 countries by their projected global gross domestic product, measured by Purchasing Power Parity.
The report points out that China has already surpassed the US as the most powerful economy in the world in terms of PPP and added that India will also overtake the US by 2050.
As of 2016, India was in third place in PwC's table with a PPP of $8.721 trillion, but by 2050 it is projected to grow to a huge $44.128 trillion leaving behind US which is projected to have a PPP of $34.102 trillion.
The report adds that China will continue to be the largest economy of the world even in 2050 with a PPP of $58.499 trillion.
"Growth is expected to be driven largely by emerging market and developing countries, with the E7 economies of Brazil, China, India, Indonesia, Mexico, Russia and Turkey growing at an annual average rate of 3.5% over the next 34 years, compared to an average of just 1.6% for the advanced G7 nations of the US, Canada, France, Germany, Italy, the UK and Japan," the report said.
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